Boeing Co. (NYSE:BA)

The valuation ratios exhibit varying trends over the observed period. Price to Sales (P/S) demonstrates considerable fluctuation, while Price to Book Value (P/BV) and Price to Operating Profit (P/OP) only have values available for the most recent quarter. Price to Earnings (P/E) is sparsely populated, with a single reported value at the end of the period.

Price to Sales (P/S)

The Price to Sales ratio began at 1.50 and increased to 1.53 before declining to 1.30. It then rose significantly to 1.90, followed by a decrease to 1.42. Subsequent values show a pattern of increase to 1.66, a slight decline to 1.32, another increase to 1.98, and then further increases to 1.87, 2.27, 2.01, and finally 2.05. This indicates increasing investor valuation relative to revenue over the latter part of the period, with some volatility.

Price to Book Value (P/BV)

The Price to Book Value ratio is only reported for the final quarter, registering at 33.65. This suggests a substantial premium investors are willing to pay for the net asset value of the company as of that date.

Price to Operating Profit (P/OP)

Similar to Price to Book Value, the Price to Operating Profit ratio is only available for the final quarter, with a value of 42.88. This indicates a significant valuation relative to the company’s operating profitability.

Price to Earnings (P/E)

The Price to Earnings ratio is only reported for the final quarter, at 97.12. This high value suggests investors have significant expectations for future earnings growth, or that the current earnings are temporarily depressed.

The limited availability of P/E, P/BV, and P/OP data restricts a comprehensive trend analysis for these ratios. The P/S ratio provides the most complete picture, revealing a generally increasing trend with fluctuations, particularly in the later periods.

The price to earnings (P/E) ratio exhibits a volatile pattern over the observed period. Initially, the P/E ratio is unavailable due to negative earnings per share (EPS). A consistent trend of negative EPS is present from March 31, 2022, through December 31, 2023, resulting in an undefined P/E ratio during these quarters. A significant shift occurs in the final period, with the P/E ratio reported as 97.12 as of December 31, 2025, coinciding with positive EPS.

Share Price Trend

The share price demonstrates considerable fluctuation. It begins at US$154.46 on March 31, 2022, experiences a decline to US$133.79 by September 30, 2022, and then rises substantially to US$211.17 by December 31, 2022. Subsequent quarters show continued volatility, with a low of US$157.06 on September 30, 2024, and a high of US$233.72 on December 31, 2025.

Earnings Per Share (EPS) Trend

EPS remains negative throughout the majority of the analyzed timeframe. The negative values range from approximately -US$8.26 to -US$15.83. A notable turning point is observed in the final period, with EPS becoming positive at US$2.41 on December 31, 2025. This positive EPS is the primary driver for the reported P/E ratio in that quarter.

P/E Ratio Interpretation

The absence of a P/E ratio for most of the period reflects the company’s sustained negative earnings. The emergence of a P/E ratio of 97.12 in the final quarter indicates a transition to profitability. This ratio suggests that investors are willing to pay US$97.12 for each dollar of current earnings. However, given the prior history of losses, caution is warranted when interpreting this single data point. Further analysis is needed to determine the sustainability of this profitability and the implications for future valuation.

The substantial shift from negative to positive EPS, and the subsequent appearance of a P/E ratio, represents a critical change in the company’s financial performance. The volatility in share price throughout the period suggests sensitivity to underlying financial results and potentially broader market conditions.

The Price to Operating Profit (P/OP) ratio exhibits a limited observable trend due to the significant volatility and negative operating profit per share values throughout the observed period. However, a notable shift emerges towards the end of the series, warranting closer examination.

Share Price

The share price demonstrates considerable fluctuation. It initially increased from $154.46 in March 2022 to $156.09 in June 2022, before declining to $133.79 by September 2022. A substantial increase followed, reaching $211.17 in December 2022. Subsequent quarters show continued volatility, with a low of $157.06 in September 2023 and a high of $232.80 in June 2025.

Operating Profit Per Share

Operating profit per share was consistently negative from March 2022 through December 2023. The negative values ranged from -$14.27 to -$2.33. A positive value of $5.45 is recorded in December 2025, representing a significant change from prior periods. The magnitude of the negative values decreased over time, suggesting a gradual improvement in underlying profitability before the eventual positive result.

P/OP Ratio

The P/OP ratio is only available for December 2025, registering at 42.88. This value is calculated based on the positive operating profit per share recorded in that quarter. The absence of P/OP values for earlier periods is attributable to the consistently negative operating profit per share, rendering the ratio undefined. The positive P/OP ratio in December 2025 suggests that investors are willing to pay a premium for each dollar of operating profit, potentially reflecting expectations of future growth or improved performance.

The transition from consistently negative operating profit per share to a positive value in the final quarter analyzed significantly impacts the P/OP ratio. The single available P/OP value of 42.88 should be interpreted cautiously, as it represents a single point in time and lacks historical context for comparison. Further monitoring of operating profit per share and the resulting P/OP ratio is recommended to establish a more comprehensive trend.

The price-to-sales (P/S) ratio exhibited fluctuations over the observed period, spanning from March 31, 2022, to December 31, 2025. Initial values indicated a relatively stable ratio, followed by periods of increase and decrease, ultimately concluding with a value comparable to the beginning of the analyzed timeframe.

Initial Period (Mar 31, 2022 – Dec 31, 2022)

The P/S ratio began at 1.50 and experienced a slight increase to 1.53 before decreasing to 1.30. A significant rise was then observed, reaching 1.90 by the end of 2022. This period suggests increasing investor confidence relative to sales during the latter half of the year.

2023 Performance

The ratio started 2023 at 1.73, peaked at 1.91 in June, then declined to 1.42 by September. A subsequent recovery to 1.66 was noted by the end of the year. This indicates volatility in investor sentiment throughout 2023, potentially influenced by quarterly sales performance.

2024 and 2025 Trends

The P/S ratio decreased to 1.32 in the first quarter of 2024, then rose to 1.60 in June, before a substantial drop to 1.98 in September. The ratio then decreased to 1.87 by the end of 2024. In 2025, the ratio continued to fluctuate, reaching 2.27 in June, then decreasing to 2.01 in September, and finally settling at 2.05 by the end of the period. This suggests a period of increased volatility and a generally elevated P/S ratio compared to earlier periods.

Sales per Share Correlation

Generally, increases in the P/S ratio corresponded with increases in sales per share, and vice versa. However, the relationship wasn’t perfectly linear, indicating that factors beyond sales per share influenced the ratio. For example, the significant drop in P/S in September 2024 was not directly proportional to the decrease in sales per share.

Overall, the P/S ratio demonstrated considerable variability throughout the analyzed period. The latter portion of the timeframe, specifically 2024 and 2025, exhibited a higher degree of fluctuation and generally higher values compared to the initial period, suggesting a changing investor perception of the company’s valuation relative to its sales.

The Price to Book Value (P/BV) ratio exhibits a volatile pattern over the observed period. Initially, the ratio is unavailable for the first three quarters of 2022. A value emerges in the final quarter of 2022, but is preceded by consistently negative Book Value Per Share (BVPS) figures throughout the year.

Book Value Per Share (BVPS) Trend

BVPS remains negative through the first three quarters of 2023, fluctuating between approximately -26 and -29 US$. A slight improvement is noted in the fourth quarter of 2023, though BVPS remains negative at -28.24 US$. The negative trend continues into the first three quarters of 2024, with BVPS reaching a low of -38.10 US$ in the third quarter. A significant shift occurs in the fourth quarter of 2024, with BVPS becoming positive at -5.21 US$, and continuing to improve to -4.41 US$ and -4.36 US$ in the first two quarters of 2025. By the third quarter of 2025, BVPS is -10.85 US$, before turning sharply positive in the final quarter of 2025, reaching 6.94 US$.

The P/BV ratio becomes available in the fourth quarter of 2025, coinciding with the positive shift in BVPS. The ratio registers at 33.65 at the end of 2025. The absence of P/BV values for much of the period makes it difficult to assess long-term trends, but the final value suggests a potentially high valuation relative to book value at that specific point in time.

P/BV Ratio Observations

The initial lack of a P/BV ratio is directly linked to the consistently negative BVPS. A positive BVPS is a prerequisite for a meaningful P/BV calculation. The emergence of a P/BV ratio in the final quarter of 2025, alongside a positive BVPS, indicates a change in the company’s financial position. The resulting ratio of 33.65 suggests that, at that time, the market valued each dollar of the company’s book value at approximately 33.65 US$.

The substantial fluctuations in BVPS, particularly the transition from negative to positive values, warrant further investigation to understand the underlying drivers of these changes. The late appearance of the P/BV ratio limits the scope of comparative analysis.